EU hikes inflation forecast to 8.3% for 2022 as Russia-Ukraine war drives soaring prices - 14 iulie 2022
Inflation will hit 7.6% in the euro zone and 8.3% in Europe this year, according to revised forecasts, as Russia’s invasion of Ukraine puts a dampener on the region’s economies.
Thursday’s forecasts from the European Commission, the executive arm of the EU, come as markets monitor inflation prints closely. In the U.S., the consumer price index rose 9.1% on the year in June, according to numbers released Wednesday — coming in much higher than economists had expected.
Many economists are pricing in a recession for the euro zone either later this year or in 2023, but — for now at least — European officials are refusing to talk about the possibility of a recession.